GATA's Chris Powell on the Silver Manipulation Probe & the Fed Gold Audit!

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Welcome to Capital Account. JP Morgan said in a court filing that PFG's subpoena of the bank may be overly burdensome. Will JP Morgan find a way to get out of it? It looks like they could be off the hook for accusations of silver manipulation. The Financial Times reported US regulators are increasingly likely to drop the four year investigation of silver manipulation, failing to find enough evidence. Bart Chilton, CFTC Commissioner, told a Motley Fool reporter that this FT report is premature and inaccurate. We find out what Chris Powell, co-founder and treasurer of the Gold Anti- Trust Action Committee, thinks.
Since 1998 the Gold Anti-Trust Action Committee, GATA, has been exposing, opposing, and litigating against collusion meant to control the price and supply of gold and other precious metals. GATA has collected and published dozens of documents showing Western treasury and central bank efforts at intervention in metals markets - interventions that occur both openly, as well as surreptitiously, preventing the proper functioning of a free market in gold. Chris Powell, co--founder and treasurer of GATA and Managing Editor of the Journal Inquirer, has come all the way to our DC studio to give us an update on where GATA is in its efforts.
Also, the Federal Government is auditing the gold stored at the New York Fed. Are those who have been calling for an audit for years satisfied, or does this miss the point? We talk to Chris Powell about what this audit accomplishes, and if it even begins to scratch the surface, no pun intended.
And talking about precious metals, are shares in Wal-Mart as good as gold? Some are suggesting the discount retailer is the new safe haven. What does that mean? Since 40% of Wal-Mart's revenue is from food stamps, according to one of our guests, should investors go long government subsidies? Lauren and Demetri give you their take on Loose Change.

• Category

  News & Politics

[john carter]

THIS IS WHAT REAL NEWS LOOKS LIKE!!!

[serbanmike]

We live in a monetized debt (closed economic)system.As long as the FED exists and central banks are alive the banksters, will issue money covered by thin air. They will make profits for themselves by just lending their banknotes to you and me and the rest of the population, actual parasitic behaviour,which brings nothing to an economy.

Money in circulations should be covered by goods and/or services produced by that economy. On your dollar bill should say US Government not Federal Reserve Note.

[Elaisa Kasan]

The US Government acts in the interest of the TBTF Banks. These banks have significant control of the government. They benefit each other to the detriment of almost every productive person on the planet.

[pwilson357able]

If you cant hold it in your hand, then you dont really own it. Paper silver and gold will be worthless when the oversubscribed "owners" will ask for the physical metal. Buy some silver....JPMorgan will go belly up fast!!

[lifelessperson1993]

19:12-20:21 I think that's why the Rothschilds saw it fit to dispose of their pawn which became quite the threat to their paradigm. Hitler I heard started controlling Germany's money directly or something of the sort. If Chris is right then we've found out where Hitler's downfall began...

[Dave Beck]

Were going to be hunting squirels in then park.

[ftyhtfhfggh]

when the music will stop some will have paper money ssome gold paper and some physical gold. All paper money will be worth equal to the amount of gold for each country. all will stat again from gold backed paper money after some years fiat money again lol if u have gold hold it and dont accept paper of anykind anymore as long as u can

[thurstjo1963]

Mike, I agree with you. All I'm saying is that another possible solution would be competition in currencies. That way, people would gravitate towards hard currencies and avoid fiat currencies like the US dollar. All the best.

[thurstjo1963]

Yes. Eliminating Central Banks would help. Another solution is to allow for competition in currencies. Then people can choose which type of money they want to hold and they can save it and/or invest it as they like. An example of this which is viewed as a major threat to central banks it bitcoin.

[serbanmike]

I am not happy. I don't see a solution.

Perhaps a solution would be to eliminate the FED and the Central Banks, they are a cartel.

The second part of the solution is to get Government money, which should be covered in products and services not FED banknotes covered by nothing.

When is this going to happen? Perhaps when all the people would want this to happen.